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JONBUR Research · Update note

Yuhan · 000100 · Biotech & Pharma

Yuhan Q3 2026 Preliminary Results: Operating Profit Up 44.2% but Down 43.4% From Q2

Why this report

Written after:

Yuhan reported preliminary Q3 2026 operating profit of ₩34.7B, up 44.2% year on year, on revenue of ₩585.7B, up 6.3%. Profit before tax and net income fell year on year, so the earnings-quality question from the previous report stays open.

Written Oct 28, 2026 · Data as of Oct 27, 2026 · 0 views

This is not financial advice. The report does not recommend buying or selling anything.

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What happened

In a preliminary earnings filing dated 2026-10-28, Yuhan reported results for July 1 to September 30, 2026. The figures are preliminary and may differ from final numbers.

Revenue was ₩585.7B, up 6.3% from ₩551.1B a year earlier and down 4.6% from ₩614.0B in Q2. Operating profit was ₩34.7B, up 44.2% from ₩24.1B a year earlier but down 43.4% from ₩61.4B in Q2.

Profit before tax from continuing operations was ₩15.5B, down 46.0% year on year and down 76.0% from Q2. Net income was ₩14.4B, down 20.8% year on year and down 69.9% from Q2.

For the nine months, revenue was ₩1.71T (up 8.4%) and operating profit was ₩105.0B (up 34.0%). Profit before tax was ₩121.5B (up 2.1%) and net income was ₩99.3B (up 3.0%).

A press report put Q3 operating profit at ₩33.2B, up 50.8%. That differs from the filing figure of ₩34.7B, so we rely on the filing.

What it changes for the thesis

The previous report described steady sales growth and improving profitability from a low base, and listed open questions on earnings quality, thin free cash flow and the share price decline. The results partly support the first point. Revenue growth continued and the year-on-year operating profit gain is large, but it comes from a small base, since Q3 2025 operating profit was only ₩24.1B.

The quarter also shows how uneven profit is. Operating profit fell by almost half from Q2, and net income and pre-tax profit dropped sharply. The filing does not give reasons, so the gap between net and operating income stays unexplained. The previous report said the Q3 results would be the next test of whether operating profit is catching up with the price. The year-on-year growth helps, but the drop from Q2 weakens the case for a steady trend. Free cash flow for Q3 is not available.

What it changes for the valuation

The model's DCF estimate is a model estimate based on the assumptions shown, at a 7.3% discount rate and using trailing figures to H1 2026. It gives a wide range per share: bear ₩1,114, base ₩9,150 and bull ₩24,922. The previous report had no estimate, so there is nothing to compare it with. The share price closed at ₩80,000 on 2026-10-27, far above even the bull case. The width of the range suggests the result is very sensitive to the assumptions given thin and uneven cash flow, and it is not a price target.

The Q3 figures are not yet in the trailing data. On the 2026-10-27 price, P/E is 24.8, P/B is 2.5, price-to-sales is 2.6 and EV/EBITDA is 32.5. Dividend yield is 0.8%. Market capitalization is about ₩5.9T. Compared with peers, Celltrion has a P/E of 27.8 and P/B of 2.4, and Samsung Biologics 32.1 and 7.6. Business mixes differ.

Closing view

The results are mixed. Revenue and operating profit grew year on year, which is consistent with improving profitability from a low base. But operating profit fell 43.4% from Q2 and pre-tax profit and net income fell year on year, so the quarter does not settle the earnings-quality questions. The model estimate, a base of ₩9,150 with a very wide range, sits well below the share price, but the estimate rests on trailing data and is sensitive to its assumptions. The final results, the reasons for the pre-tax profit decline and cash flow figures will be the clearest evidence on whether profit growth is durable.

Model estimate of fair value

Bear
₩1,114
-99%
Base
₩9,150
-88%
Bull
₩24,922
-68%

Model estimate based on the assumptions shown. Not a price target and not a buy or sell signal.

Base case of the 5-year discounted cash flow model on the stock's Valuation tab (statements TTM to H1 2026; discount rate 7.3%). Bear and Bull move the main assumptions by fixed steps. See and change the assumptions

Filings and data used

Report history

  1. Oct 28, 2026Update noteEarningsYuhan Q3 2026 Preliminary Results: Operating Profit Up 44.2% but Down 43.4% From Q2
  2. Oct 20, 2026Update noteBig price moveYuhan Shares Rise 21.4% in Five Trading Days on Heavy Volume
  3. Oct 13, 2026InitiationYuhan: Profits Recover From a Low Base as the Shares Fall 40.3% Over One Year

Built only from jonbur's own data: prices and investor flows, filed financial statements and filings, and news headlines. Disclosed (filed) data is labelled as such. Written by AI and may contain mistakes.

This is not financial advice. The report does not recommend buying or selling anything.

Source: KRX statistical information